Notes to Accounts of Consolidated Construction Consortium Ltd.

Mar 31, 2016

1. Segment Reporting:

The companyâs operations predominantly consist of construction activities. Hence there are no reportable segments under Accounting Standard -17. During the year under report, substantial part of Companyâs business has been carried throughout

India. The conditions prevailing in India being uniform, no separate geographical disclosures are considered necessary.

2. Current Assets:

a) Current Assets include Rs. 30,399.02 Lacs (PY 30,947.43 lacs) grouped under Note 3.11 of billed claims based on explicitimplicit contractual commercial terms for projects. These Receivables are periodically reviewed by the company and considering the commercial contractual terms, the progress in negotiations arbitration/ the continuing discussions with the clients an amount of Rs. 7,270.34 lacs (PY Rs10,256.93 lacs) has been provided for and the management is confident that no further provision against these dues needs to be considered at this juncture.

b) Current Assets include certain guarantees amounting to Rs.NIL (PY 8401 Lacs) issued by the Banks on behalf of the company have been invoked by the Clients during earlier years due to alleged contractual non-performance. In addition there are disputes with respect to other amounts due from such clients. These amounts totaling to Rs. 36,703.71 Lacs (PY 29,282.31) have been grouped under Note 3.14. The company has activated appropriate contractual remedies to address these disputes as provided for under the contract between the Company and the Clients. Based on the final outcome of resolution of these disputes necessary entries would be finally passed. Hence, no provision against these dues needs to be considered at this juncture.

Mar 31, 2015

1. Current Financial Condition, Mitigating Factors & "Going Concern"

A. Financial Condition:

a. The Company's Operations have been affected during the whole of the
Financial Year and the company has incurred losses totaling Rs
15,422.91 Lacs (PY Rs.32,063.57 Lacs). Further the cash flows of the
company have also been affected severely due to the stress in
collections of receivables.

b. During the year under the review, unexecuted orders for an amount
totaling Rs.Nil Lacs (Py Rs.1,37,083/- lacs) have been cancelled /
terminated pending negotiations / litigations which are underway. The
company is proceeding with appropriate / legal remedies including
arbitration process, wherever provided for and has been legally advised
that it has a strong case and accordingly has not considered any
provisions in these results.

c. Wholly owned Subsidiary Companies have incurred a collective loss
of Rs 2,902.85 Lacs (PY Loss Rs 2,988.08 Lacs) for this year.
Considering the operations being strategic in nature in respect of NCGL
contributing a loss of Rs.2,368.46 lacs and in view of the management
plan for the future, permanent diminution is not considered in respect
of the value of investments in this subsidiary

B. Mitigating Factors:

a. The company is in discussions with strategic / financial investors
for investment

b. The company's debts have been restructured under Corporate Debt
Restructuring (CDR) mechanism by its lenders. In view of the above
said mitigating factors the company is positively looking at the
scenario as a "Going Concern"

During the year, the NCDs issued earlier to Tata Capital Financial
Services Limited were also restructured under the CDR scheme.

The lenders, with the approval of the CDR Empowered Group (CDR EG),
shall have the right to recompense (RoR) the reliefs/sacrifice/waivers
extended by respective lenders as per CDR Guidelines. Accordingly, the
Recompense Amount calculated as per CDR Guideline's upto the
year2014-15isRs.1,223 lacs.

The company, as per the approved CDR package, should infuse funds to
the tune of Rs.220,00 Lacs towards margins, reduction of debt and
shoring up of working capital by 31 March 2015. The company has during
the year infused Rs.5,445 Lacs (net of TDS). The CDR lenders have, in
the event of infusion of funds not materializing, decided to convert
the balance of loans due, as per CDR, on 1 st April 2015 into equity of
the Company, subject to the extant statutory guidelines

3. Exceptional Items

1. Making use of the lower business volumes and consequent aggregation
of construction aid materials, during the year, the company, in line
with the Accounting Policy stated vide Note 2.9 above carried out a
detailed physical count and estimation of the useful life of the
construction aid materials. This has resulted in reversal of write-down
of inventories to the extent of Rs, 10,082.54 Lacs.

2. Consequent to the severe down trend in the economy in the last
three years, which has impacted the infrastructure and construction
sectors a detailed evaluation of the trade receivables was carried
resulting in a provision of Rs, 10,111.59 Lacs towards bad and doubtful
debts./claims carried in the books of the company.

3. Provision for permanent diminution in the value of investment in
certain subsidiaries amounting to Rs, 9,17.12 Lacs as well as the loans
and advances lent to such subsidiaries for which there is uncertainty
of immediate recovery amounting to Rs, 1,546.46 Lacs has been made.

4. In line with the accounting policy, stated in 2.13 the above items
have been treated as exceptional items and disclosed as such in
financial statements.

4. Segment Reporting:

The company's operations predominantly consist of construction
activities. Hence there are no reportable segments under Accounting
Standard -17. During the year under report, substantial part of
Company's business has been carried throughout India. The conditions
prevailing in India being uniform, no separate geographical disclosures
are considered necessary.

5. Current Assets:

a)Current Assets in clude Rs,30,947.43 Lacs grouped under Note3.11 of
billed/ claims based on explicit/ implicit contractual/ commercial
terms for projects. These Receivables are periodically reviewed by the
company and considering the commercial / contractual terms, the
progress in negotiations / arbitration/ the continuing discussions with
the clients an amount of Rs, 10,257 lacs has been provided for and the
management is confident that no further provision against these dues
needs to be considered at this juncture.

b) Current Assets include certain guarantees amounting toRs, 8,401 lacs
(PY7.918 Lacs) issued by the Banks on behalf of the company have been
invoked by the Clients due to alleged contractual non-performance. In
addition there are disputes with respect to other amounts due from such
clients. These amounts totaling to Rs, 37,683 Lacs have been grouped
under Note 3.15. The company has activated appropriate contractual
remedies to address these disputes as provided for under the contract
between the Company and the Clients. Based on the final outcome of
resolution of these disputes necessary entries would be finally passed.
Hence, no provision against these dues needs to be considered at this
juncture.

6. Claims against the company not acknowledged as debt Rs. Nil (P.Y*
64.08 Lacs).

7. Estimated amount of contracts remaining to be executed on
capital account and not provided for Rs, Nil (P.Y* Nil).

8. In the absence of profits during the year, the requirement of
payment of Trade License fee to the partnership firm, Samruddhi
Holdings, owning the trade name /. Logo (Triple C) will not arise for
the year under reference.

9. Indian Bank initiated action u/s. 13(4) of the SARFAESI Act, in
respect of property situated at Nedungundram Village
measuringtoanextentof133centsoutof553cents being used as God own by the
Company.

Aggrieved with this the Company filed an Appeal before Honorable Madras
High Court for an injunction restraining Indian Bank against further
proceedings. Honorable Madras High Court issued an injunction order
restraining Indian Bank against initiating any proceedings and also
directed to deposit Rs, 120 Lacs with the High Court Registry. We have
deposited Rs,120Lacswith the Registry as directed and the same is
accounted under the' Deposit- Others' in our books of Account.

10. Previous year's figures have been regrouped / consolidated
wherever applicable / required and furnished accordingly, figures have
been rounded off to the nearest rupee.

Mar 31, 2014

Nature of Security :

a. (i) The Existing Construction Equipment Loan and Machinery Term Loan
and the funded Interest Term Loan on that would countinue to have
exclusive charge on the Plant and Machinery procured from the
respective loans.

(ii) The Existing Corporate Loan, Working Capital Term Loans (WCTL I,
II and III) and Funded Interest Term Loans (FTL I, II and III)
facilities would be secured by a pari passu first charge on the fixed
assets of the Company, Fixed Assets of the SEZ Land and Solar Power
Plant.

(iii) The Term Loans facilities would be secured by a pari passu second
charge on the current assets of the Company.

(iv) All the loans would have the personal guarantees of the
Promotoers, viz., Mr. R. Sarabeswar and Mr. S. Sivaramakrishnan.

(v) The promotors, viz., Mr. R. Sarabeswar and Mr. S. Sivaramakrishnan
will pledge their entire equity shareholding aggregating to 7,73,51,078
Equity Shares of Face Value Rs. 2/- being 41.86% of the paid up capital
of the Company in favour of the lenders, as prescribed by the CDR
Guidelines.

b. Term Loan excludes instalments payable with in one year Rs. Nil (PY.
Rs. 266 millions) which is classified as current and disclosed in other
current liabilities.

c. Rs.20 crores 12.65% Non Convertible Debentures, allotted on 22nd May
2012 with originally repayment terms of Rs.20 millions, Rs.40 millions,
Rs.60 millions and Rs.80 millions at the end of 18, 24, 30 and 36
months respectively from the date of allotment and with a put and call
option at the end of 24 months from the date of allotment. The
debentures are secured by pari- passu charge on the present and future
total assets of the company. Pending their participation in the CDR
scheme the same is classified and grouped under long term borrowing.

d. Due to inadequate profits during the year, no Debenture Redemption
Reserve was created in the books for the financial year read with
Section 117C of the Companies act 1956 and GC 9/2002, dated April 18th
2002.

BUSINESS PROFILE:

Consolidated Construction Consortium Ltd. (The company) is a public
limited company incorporated under the provisions of the Companies
Act., and its shares are listed in two Stock Exchanges in India (BSE
and NSE). The company is an integrated turnkey construction service
provider having pan India presence with expertise in construction
design, engineering, procurement, construction and project management.
We also provide construction allied services such as Mechanical &
Electrical, Plumbing, Fire Fighting, Heating, ventilation and air
conditioning, interior fit out services and glazing solutions. The
Company also caters to the requirements of Ready mix concrete and
hollow block for clients.

1. OTHER NOTES

1.1 Current Financial Condition, Mitigating Factors & "Going Concern"

A. Financial Condition:

a. The Company''s Operations have been affected during the whole of the
Financial Year and the company has incurred losses totaling Rs
32,063.57 Lacs. Further the cash flows of the company have also been
affected severely due to the poor collections of receivable and
retention monies from various clients.

b. During the year under the review, unexecuted orders for an amount
totaling Rs. 137,083 Lacs have been cancelled / terminated pending
negotiations / litigations which are underway. The company is
proceeding with appropriate / legal remedies including arbitration
process, wherever provided for and has been legally advised that it has
a strong case and accordingly has not considered any provisions in
these results.

c. Subsidiary Companies have a collective loss of Rs 2,989.90 Lacs (PY
Loss Rs 2034.85 Lacs) for this year considering the operations being
strategic in nature and in view of the management plan for the future,
permanent diminution is not considered in the value of investments in
these financials.

B. Mitigating Factors:

a. Further the company is in advanced stage of discussions with one
strategic overseas investor for investment into one of the
subsidiaries.

b. Further the company had been awarded approval of the Corporate Debt
Restructuring (CDR) by its lending bankers and the same is under
implementation.

In view of the above said mitigating factors the company is positively
looking at the scenario as a "Going Concern"

1.2 Corporate Debt Restructuring

During the year the debt restructuring proposal of the Company was
referred to the Corporate Debt Restructuring (CDR) Cell by State Bank
of India. The restructuring under CDR inter-alia provides for business
restructuring envisaging sale of certain assets and investments and
financial restructuring of the existing loans and providing fresh loans
together with reduction in interest rates and appropriately designed
repayments.

The participating lenders constituting 91.53% of the total restructured
debt have approved the package. The CDR cell approved the package vide
its letters dated 28 March 2014 and 28 April 2014, on certain terms and
conditions for the business and financial restructuring including
sharing of security among lenders.

In accordance of the terms and conditions of the CDR package the
promoters have brought in a sum of Rs 2975 Lacs on 31st March 2014
being the promoters'' contribution for implementation of the scheme.

Pending execution of necessary documents and compliance with certain
conditions of the CDR which have been agreed to by the Company and the
Promoters, the interest relief of Rs. 1,788.79 Lacs for the year ending
31 March 2014 has been considered in these accounts.

The lenders, with the approval of CDR Empowered Group (CDR EG), shall
have the right to recompense (RoR) the reliefs/sacrifice/waivers
extended by respective lenders as per CDR Guidelines. Accordingly, the
Recompense Amount calculated as per the CDR Guidelines for the year
2013-14 is Rs. 332 Lacs.

1.6 In line with the principle of substance over form for the Chennai
Modernisation Airport Project, being executed by Herve Pomerleau - CCCL
JV, assessed as a Association of person, by relevant Authorities and as
filed with them, its income from operations and it''s related
expenditure amounting to NIL (PY Rs. 7,961.04 Lacs) and Rs. 733.79 Lacs
(PY Rs. 7,332.28 Lacs) together with the assets and liabilities
amounting to Rs. 5,724.39 Lacs (PY Rs. 16,588.88 Lacs) and Rs. 5,724.39
Lacs (PY Rs. 16,588.88 Lacs) respectively have been grouped under
respective heads in the current year. There are no dues towards share
of profit during the year (PY Rs. 89.44 Lacs) to the party under the
consortium agreement in respect of the Chennai Airport modernization
project.

1.7 Segment Reporting:

The company''s operations predominantly consist of construction
activities. Hence there are no reportable segments under Accounting
Standard -17. During the year under report, substantial part of
Company''s business has been carried throughout India. The conditions
prevailing in India being uniform, no separate geographical disclosures
are considered necessary.

1.8 During the year certain performance guarantees amounting to Rs.
6,876.00 Lacs issued by the Banks on behalf of the company have been
invoked by the Clients due to alleged contractual non-performance.
These amounts have been grouped under the head Loans and Advances and
the company has activated appropriate contractual remedies to address
these disputes as provided for under the contract between the Company
and the Clients. Based on the final outcome of resolution of these
disputes necessary entries would be finally passed.

1.9 The Company has reckoned a sum of Rs 16,353 Lacs as income with
respect to jobs which have been terminated by the Clients. This amount
has been reckoned based on the estimate of the value of work done other
claims and forms a part of the amount being sought to be recovered from
the Clients for which the company has activated the appropriate
mechanism available under the contract between the Company and the
Clients..

1.10 Contingent Liabilities:

a. Bank Guarantees and Letter of Credit (Rs. In Lacs)

Particulars 31.03.2014 31.03.2013

Bank Guarantees 39,561,51 78,805.54

Letter of Credit 653.49 6,931.22

Buyer Line of Credit - 5,164.94

Total 40,215.00 90,901.70

b. Bank Guarantees and Letter of Credit on behalf of Subsidiaries/Joint
Ventures
(Rs. in Lacs)

Subsidiary/Joint Venture As at 31.03.2014 As at 31.03.2013

CCCL Infrastructure Limited

CCCL Power Infrastructure Limited Nil Nil

CCCL Samjung Tech Consortium Nil 1,421.50

CCCL Sam India Consortium Nil 2,698.80

Total Nil 4,120.30

c. Corporate Guarantee(s):

Corporate Guarantees on behalf of its subsidiaries and AOP are as
under:
(Rs. in Lacs)

Subsidiary/JointVenture As at 31.03.2014 As at 31.03.2013

Consolidated Interiors Limited 1,550.00 1,550.00

Noble Consolidated Glazings
Limited 3,600.00 3,600.00

CCCL Infrastructure Limited 4,204.00 4,204.00

Total 9,354.00 9,354.00

d. Demands raised on the company by the respective authorities are as
under:
(Rs. in Lacs)

Nature of Statue As at 31.03.2014 As at 31.03.2013

Service Tax# 11,285.15 11,007.74

Excise Duty 65.59 77.25

VAT/Sales Tax 1,832.12 1,832.12

Income Tax 2,045.01 2,169.04

Customs Duty 2.93 2.93

Total 15,230.80 15,089.08

# The Honorable CESTAT has passed an order staying the collection of
the demand, in respect of the disputed liability for the period April
2006-September 2008. As the issues involved for the subsequent period
are of the similar nature, there is no provision taken in accounts.

Based on the expert opinions obtained, the Company had been advised not
making any provision in the Accounts.

1.11 Claims against the company not acknowledged as debt Rs. 64.08 Lacs
(P.Y.Rs. 64.08 Lacs).

1.13 In the absence of profits during the year, the requirement of
payment of Trade License fee to the partnership firm, Samruddhi
Holdings, owing the trade name/. Logo (Triple C) will not arise for the
year under reference.

1.14 Indian Bank initiated action u/s. 13(4) of the SARFAESI Act, in
respect of property situated at Nedungundram Village measuring to an
extent of 133 cents out of 553 cents being used as Godown by the
Company.

Aggrieved with this the Company filed an Appeal before Madras High
Court for an injunction restraining Indian Bank against further
proceedings. Madras High Court issued an injunction order restraining
Indian Bank against initiating any proceedings and also directed to
deposit Rs. 120.00 Lacs with the Madras High Court Registry. We have
deposited Rs. 120.00 Lacs with the Registry as directed and the same is
accounted under the ''Deposit-Others'' in our books.

1.15 Company having defaulted in the first installment of repayment of
principal and interest thereon amounting to Rs 268 Lacs, ILFS, the
trustees of the Secured non- convertible debentures Issued to Tata
Capital, filed an Interim application before Madras High Court seeking
injunction restraining the company to proceed with the CDR mechanism.
However the Honorable Court declined to grant injunction as sought and
ordered notice. The matter is posted for orders, pursuant to our Bank''s
counter filed in this regard.

1.16 Previous year''s figures have been regrouped/consolidated wherever
applicable / required and furnished accordingly. Figures have been
rounded off to the nearest rupee.

Mar 31, 2013

Note-1. BUSINESS PROFILE:

Consolidated Construction Consortium Ltd. (The company) is a public
limited company incorporated under the provisions of the Companies
Act., and its shares are listed in two Stock Exchanges in India (BSE
and NSE). The company is an integrated turnkey construction service
provider having pan India presence with expertise in construction
design, engineering, procurement, construction and project management.
We also provide construction allied services such as Mechanical &
Electrical, Plumbing, Fire Fighting, Heating, ventilation and air
conditioning, interior fit out services and glazing solutions. The
Company also caters to the requirements for Ready mix concrete and
hollow block for clients.

2.1 In line with the principle of substance over form for the Chennai
Modernisation Airport Project, being executed by Herve Pomerleau - CCCL
JV, assessed as a Association of person, by relevant Authorities and as
filed with them, its income from operations and it''s related
expenditure amounting to Rs. 7,961.04 Lacs (PY Rs. 43,286.27 Lacs) and Rs.
7332.28 Lacs (PY Rs. 40,199.21 Lacs) together with the assets and
liabilities amounting to Rs. 16,588.88 Lacs (PY Rs. 18,095.42 Lacs) and Rs.
16,588.88 Lacs (PY Rs. 18,095.42 Lacs) respectively have been grouped
under respective heads in the current year. A sum of Rs. 89.44 Lacs (PY Rs.
761.75 Lacs) being share of profits is due and payable to the party
under the consortium agreement in respect of the Chennai Airport
modernization project has duly been disclosed.

2.2 Segmental Reporting:

The company''s operations predominantly consist of construction
activities. Hence there are no reportable segments under Accounting
Standard -17. During the year under report, substantial part of
Company''s business has been carried through out India. The conditions
prevailing in India being uniform, no separate geographical disclosures
are considered necessary.

2.3. Contingent Liabilities:

a. Bank Guarantees and Letter of Credit

(Rs.In Lacs)

Particulars 31.03.2013 31.03.2012

Bank Guarantees 78,80554 86,892.62

LetterotCiedit 6,931.22 7.007.43

Buyer Line Credit 5,164.94

Total 90,901.70 93,900.05

2.4 Claims against the company not acknowledged as debtRs. 64.08 Lacs
(P.Y. Rs. 474.32 Lacs).

2.6 In the absence of profits during the year, the requirement of
payment of Trade License fee to the partnership firm, Samruddhi
Holdings, owing the trade name /.Logo (Triple C) will not arise for the
year under reference.

2.7 Indian Bank initiated action u/s. 13(4) of the SARFAESI Act, in
respect of property situated at Nedungundram Village measuring to an
extent of 133 cents out of 553 cents being used as Godown by the
Company.

Aggrieved with this the Company filed an Appeal before Madras High
Court for an injunction restraining Indian Bank against further
proceedings. Madras High Court issued an injunction order restraining
Indian Bank against initiating any proceedings and also directed to
deposit Rs. 120.00 Lacs with the Madras High Court Registry. We have
deposited 1120.00 Lacs with the Registry as directed and the same is
accounted under the ''Deposit -Others'' in our books.

2.8 Previous year''s figures have been regrouped/consolidated wherever
applicable/ required and furnished accordingly. Figures have been
rounded off to the nearest rupee.

Mar 31, 2012

1. BUSINESS PROFILE:

Consolidated Construction Consortium Ltd. (The company) is a public
limited company incorporated under the provisions of the Companies
Act., and its shares are listed in two Stock Exchanges in India (BSE
and NSE). The company is an integrated turnkey construction service
provider having pan India presence with expertise in construction
design, engineering, procurement, construction and project management.
We also provide construction allied services such as Mechanical &
Electrical, Plumbing, Fire Fighting , Heating , ventilation and air
conditioning, interior fit out services and glazing solutions. We also
cater to the requirements for Ready mix concrete and hollow block for
our clients.

a. Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of
Rs.2 per share. Each holder of equity shares is entitled to one vote
per share. The company declares and pays dividends in Indian rupees.
The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31 March 2012, the amount of per share dividend
recognized as distributions to equity shareholders was Rs. Nil (31
March 2011: Rs.0.50)

In the event of liquidation of the company, the holders of equity
shares will be entitled to receive remaining assets of the company,
after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the
shareholders.

Nature of Security :

a. Term Loans from Banks: Extension of pari passu charge on immovable
properties , movable assets , stocks , spares , stores and book debts
to cover the loans and first charge on assets purchased out of Term
Loan

b. Term Loan excludes installments payable within one year Rs. 3084.40
lacs ( PY Rs.2080.15 lacs) which is classified as current and disclosed
in other current liabilities.

2. In line with the principle of substance over form for the Chennai
Modernization Airport Project, being executed by Hervey Pomerleau - CCCL
JV, assessed as a AOP, by relevant Authorities and as filed with them,
it's income from operations and its related expenditure amounting to '
40586.27 Lacs (PY Rs. 60703.31 Lacs) and Rs. 37499.21 Lacs (PY Rs.
55791.20 Lacs) together with the assets and liabilities amounting to Rs.
16373.43 Lacs (PY Rs. 26526.33 Lacs) and Rs. 14373.43 Lacs (PY Rs.
24526.33 Lacs) respectively have been grouped under respective heads
in the current year. A sum of Rs. 1299.81 Lacs (PY Rs. 1215.10 Lacs)
being share of profits is due and payable to the party under the
consortium agreement in respect of the Chennai Airport modernization
project has duly been disclosed.

3. Segmental Reporting:

The company's operations predominantly consist of construction
activities. Hence there are no reportable segments under Accounting
Standard -17. During the year under report, substantial part of
Company's business has been carried throughout India. The conditions
prevailing in India being uniform, no separate geographical disclosures
are considered necessary.

In view of the inadequacy of profits the remuneration paid to the CEO /
Chairman, Managing Director and Director (Operations) is in excess of
the limits specified under schedule XIII.

The company at its meeting of its remuneration committee / board of
director held on 28.10.2011 and duly approved by the share holders by
postal ballot on 20.12.2011 has made an application to the central
government for approval for the remuneration paid in excess of the
limits.

The total remuneration excess paid during the current year is Rs. 315.20
Lacs.

ii) On account of Service Tax - Rs.12298.33 Lacs (P.Y.Rs.11207.24Lacs)
[for the period from April, 2006-March, 2012].

The Honorable CESTAT has passed an order staying the collection of the
demand in respect of the disputed tax liability for the period April
2006 - Sep 2008. As the issues involves for the subsequent periods are
of a similar nature there has been no provisions taken in the accounts.

iii) On account of Excise Duty - Rs.20.97 Lacs (P.Y. Rs.Nil) (for the
period from Apr 2011 to Mar 2012)

iv) On account of Income Tax - Rs.25.40 Lacs (P.Y Rs.25.40 Lacs) [for the
period from April 2004-March 2005].- Rs.1295.50 Lacs (P.Y Rs.1295.50 Lacs)
[for the period from April 2005 - March 2008]. - Rs.414.97 Lacs (P.Y Rs.
Nil) [for the period from April 2008-March 2009].

Based on the expert opinions obtained, the Company does not feel any
liability will arise and hence no provision has been made in the
Accounts.

5. Claims against the company not acknowledged as debt Rs.474.32Lacs-
(P.Y.Rs.599.24Lacs).

6. Estimated amount of contracts remaining to be executed on capital
account and not provided for - Rs.202.69 Lacs (P.Y. Rs.663.60 Lacs).

7. In view of the inadequacy of profits the company has made a
representation to Samruddhi Holdings a Partnership firm in which the
Directors / Chief Financial Officer are partners for the use of the
name, logo (Triple C) and Trade Mark (Triple C) for not insisting on
the Trade License fee payable to it in accordance with the approval of
the Ministry of Corporate Affairs, Government of India vide its Letter
dated 12.04.2011. Samruddhi Holdings have given their consent in this
regard. The total value of Trade License fee not charged to the
Statement of Profit and Loss in the current year is Rs.54.55 Lacs.

8. Indian Bank initiated action u/s. 13(4) of the SARFAESI Act, in
respect of property situated at Nedungundram Village measuring to an
extent of 133 cents out of 553 cents being used as Godown by the
Company.

Aggrieved with this the Company filed an Appeal before Madras High
Court for an injunction restraining Indian Bank against further
proceedings. Madras High Court issued an injunction order restraining
Indian Bank against initiating any proceedings and also directed to
deposit Rs. 120.00 Lacs with the Madras High Court Registry. We have
deposited Rs. 120.00 Lacs with the Registry as directed and the same is
accounted under the 'Deposit - Others' in our books.

9. Previous year's figures have been regrouped / consolidated to
conform the new formats for Schedule VI as prescribed by the Ministry
of Corporate Affairs vide NotificationNo.S.O447 (E) dated 28-02-2011.

Note : Cash Flow statement has been prepared under the indirect method
as set out in the AS 3 on Cash Flow statements as specified in the
companies (AS) Rules, 2006.

Previous year figures have been regrouped / reclassified wherever
necessary.

Mar 31, 2011

1. Securities Premium Account represents the difference between the
consideration received in respect of shares issued and the face value.

2. Amounts due to small scale industrial undertakings / suppliers
under the MSMED Act,2006:

The Company has not received any intimation from suppliers regarding
their status under the Micro, Small and Medium Enterprises Development
Act, 2006 and hence disclosures, if any, relating to amounts unpaid as
at the year end together with interest paid / payable as required under
the said Act could not be furnished.

3. Current tax and Deferred Tax:

a. Provision for Current Tax is Rs. 331 Million (P.Y.372.27 Million),
in accordance with the Accounting Policy, in this regard, followed by
the Company. No provision for Fringe Benefit Tax is made in the current
year (P.Y. Nil),

b. Deferred Tax Liability as at March 31,2011 comprises of the
following:

4. In line with the principle of substance over form for the Chennai
Modernisation Airport Project, being executed by Herve Pomerleau - CCCL
JV, assessed as a AOP, by relevant Authorities and as filed with them,
its income from operations and its related expenditure amounting to Rs.
6184.54 Million (PY Rs.3028.86 Millions) and Rs. 5693.33 Million (PY
Rs.2819.45 Million) together with the assets and liabilities amounting
to Rs. 2652.63 Million (PY Rs. 1953.74 Million) and Rs. 2452.63
Millions (PY Rs. 1753.74 Million) respectively have been grouped under
respective heads in the current year. A sum of Rs. 121.51 Millions (PY
Rs. 54.38 Millions) being share of profits is due and payable to the
party under the consortium agreement in respect of the Chennai Airport
modernization project has duly been disclosed.

5. Segmental Reporting:

The companys operations predominantly consist of construction
activities. Hence there are no reportable segments under Accounting
Standard -17. During the year under report, substantial part of
Companys business has been carried through out India. The conditions
prevailing in India being uniform, no separate geographical disclosures
are considered necessary.

6. Disclosures under AS - 7 (Revised)

a.Disclosures as required under AS-7 (Revised) together with the
completed contracts are furnished hereunder:

Based on the legal opinion obtained, the Company does not feel any
liability will arise and hence no provision has been made in the
Accounts.

8. Claims against the company not acknowledged as debt Rs. 59.92
Million-(P.Y. Rs. 45.92 Million).

9. Estimated amount of contracts remaining to be executed on capital
account and not provided for - Rs. 66.36 Million (P.Y. Rs. 13.92
Million).

10. Trade Licence fee represents amounts paid to Samruddhi Holdings a
Partnership firm in which the Directors / Chief Financial Officer are
partners for the use of the name, logo (Triple C) and Trade Mark
(Triple C) in accordance with the approval of the Ministry of Corporate
Affairs, Government of India vide its Letter dated 8th April, 2008. The
amount payable @ 4% amounts to Rs. 26.57 Million. However it is
restricted to Rs. 20.00 Million in line with the above approval.

11. Indian Bank initiated action u/s. 13(4) of the SARFAESI Act, in
respect of property situated at Nedungundram Village measuring to an
extent of 133 cents out of 553 cents being used as Godown by the
Company.

Aggrieved with this the Company filed an Appeal before Madras High
Court for an injunction restraining Indian Bank against further
proceedings. Madras High Court issued an injunction order restraining
Indian Bank against initiating any proceedings and also directed to
deposit Rs. 12.00 Millions with the Madras High Court Registry. We have
deposited Rs. 12.00 Millions with the Registry as directed and the same
is accounted under the Deposit - Others in our books.

12. As construction activity is considered as a service activity, it
is covered under para 3 (ii) (c) of Part II to Schedule VI to the
Companies Act 1956.

13. Previous years figures have been regrouped/consolidated wherever
applicable/ required and furnished accordingly. Figures have been
rounded off to the nearest rupee.

Mar 31, 2010

1. Securities Premium Account represents the difference between the
consideration received in respect of shares issued and the face value.

2. Amounts due to small scale industrial undertakings / suppliers
under the MSME Act,2006:

The Company has not received any intimation from suppliers regarding
their status under the Micro, Small and Medium Enterprises Development
Act, 2006 and hence disclosures, if any, relating to amounts unpaid as
at the year end together with interest paid / payable as required under
the said Act and could not be furnished.

3. Current tax and Deferred Tax:

a. Provision for Current Tax is Rs 372.27 Million (P.Y.216.28
Million), in accordance with the Accounting Policy, in this regard,
followed by the Company. No provision for Fringe benefit Tax is made in
the current year (P.Y.7.50 Million).

b. Deferred Tax Liability as at March 31,2010 comprises of the
following:

5. In line with the principle of substance over form for the Chennai
Modernisation Airport Project, being executed by Herve Pomerleau - CCCL
JV, assessed as a AOP, by relevant Authorities and as filed with them,
its income from operations and its related expenditure amounting to
Rs. 3028.86 Million and Rs. 2819.45 Million together with the assets
and liabilities amounting to Rs. 1953.74 Million and Rs. 1753.74
Million respectively have been grouped under respective heads in the
current year. A sum of Rs 54.38 Million being share of profits is due
and payable to the party under the consortium agreement in respect of
the Chennai Airport modernization project has duly been disclosed.

6. Segmental Reporting:

The companys operations predominantly consist of construction
activities. Hence there are no reportable segments under Accounting
Standard -17. During the year under report, substantial part of
Companys business has been carried through out India. The conditions
prevailing in India being uniform, no separate geographical disclosures
are considered necessary.

7. Miscellaneous Expenditure:

As a prudent measure over the accounting policy referred to in Note
No.10 of Accounting Policies, the company has decided to absorb the
entire sum of Rs 80.68 million being the balance lying in the
expenditure on IPO. The above amount has been adjusted against the
Securities Premium account in line with the provisions of Section
78(2)(c) of the Companies Act 1956. Pursuant to the above absorptions
the profit for the year would have been less by Rs 28.07 million and
EPS by Rs 0.15 as compared to the previous year

8. Contingent Liabilities:

a. Bank Guarantees including Letter of Credit outstanding as on
31.03.2010 -Rs.7210.62 Million (P.Y.Rs.4388.72 Million). This includes
Bank Guarantees and Letters of Credit executed by the company on behalf
of Herve Pomerleau International CCCL Joint Venture for Rs.739.20
Million (P.Y. Rs.879.63 Million).

b. The Company has executed Corporate Guarantees on behalf of its
subsidiaries and AOP during the year i) on behalf of Consolidated
Interiors Ltd. - Rs. 140.00 Million (PY.Rs.140.00 Million)

- Rs. 3.16 Million [ for the period from April 2008 - September 2008].

Based on the legal opinion obtained, the Company does not feel any
liability will arise and hence no provision has been made in the
Accounts.

iii) On account of Income Tax

- Rs. 2.54 Million (P.Y Rs. 2.54 Million) [for the period from April
2004 - March 2005].

- Rs. 4.88 Million (P.Y Rs. 4.88 Million) [for the period from April
2005-March 2006].

9. Claims against the company not acknowledged as debt Rs.45.92
Million- (P.Y.Rs.4.90 Million).

10. Estimated amount of contracts remaining to be executed on capital
account and not provided for - Rs.13.92 Million (P.Y. Rs.10.18
Million).

11. Trade Licence fee represents amounts paid to Samruddhi Holdings a
Partnership firm in which the Directors / Chief Financial Officer are
partners for the use of the name, logo (Triple C) and Trade Mark
(Triple C) in accordance with the approval of the Ministry of Corporate
Affairs, Government of India vide its Letter dated 8th April, 2008. The
amount payable @ 4% amounts to Rs.26.81 Million. However it is
restricted to Rs.20.00 Million in line with the above approval.

12. As construction activity is considered as a service activity, it
is covered under para 3 (ii) (c) of Part II to Schedule VI to the
Companies Act 1956.

13. Previous years figures have been regrouped/consolidated wherever
applicable/ required and furnished accordingly. Figures have been
rounded off to the nearest rupee.